NFIS Council reviews progress of implementation, improvements

Muhammad Arshad

Islamabad

The National Financial Inclusion Strategy (NFIS) Council, Friday, The reviewed the progress of NFIS implementation and improvements particularly in the areas of branchless banking, agricultural credit, SME Financing, Payment System Infrastructure & coverage.
NFIS Council met here with Finance Minister Ishaq Dar in the chair and an update on Asaan (Easy) Mobile Account (AMA) scheme which was approved by NFIS Council in its last meeting was also shared with the participants.
AMA scheme has been developed to facilitate swift opening of a digital transaction account and enhance usage of digital financial services by any one, from anywhere, at any time at an affordable cost. Senior officials of the Finance Division, EAD, SECP, State Bank of Pakistan, FBR, PTA, Nadra besides representatives of provincial governments were present in the meeting.
Addressing the meeting through video-link, the UN Secretary General’s Special Advocate (UNSGSA) on Inclusive Finance for Development, Queen Maxima of Netherlands, appreciated the significant progress made by Pakistan since last meeting of NFIS Council which she attended during her visit in 2016. She expressed her satisfaction on developments made on initiatives like AMA Scheme, National Payment Gateway and improved financial inclusion indicators.
Queen Maxima, while appreciating the strong commitment and collaborations among regulators and other NFIS stakeholders, put forth her views and suggestions for promotion of financial inclusion in Pakistan. She emphasized the need for client centric products to meet the expectations of customer which will help drive usage.
She hoped that the implementation of AMA scheme will bear fruits and have impact on people’s lives. She also highlighted the need for women financial inclusion through gender balance in financial sector workforce and gender dis-aggregated financial inclusion data.

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